First Mariner Bank’s new owners have finalized the sale and will recapitalize the bank with $100 million.

An investment group with Baltimore ties, RKJS Bank, agreed to pay $18.7 million for First Mariner in a bankruptcy auction. The Federal Deposit Insurance Corp. approved the deal June 2. Maryland also signed off on it.

“Today’s closing allows us to move forward with the revitalization of First Mariner Bank,” Robert D. Kunisch Jr., the bank’s new president and chief operating officer, said in a statement. “Now we can focus on growing the bank and serving our customers.”

Kunisch and Jack E. Steil, who will serve as chairman and chief executive officer of the bank, led the investment group.